Medical Debt Settlement - 3 Steps Necessary to Settle For Yourself
The loan crunch has an incredible number of Americans searching to adopt cover from a most unexpected threat - Medical Debt. But generally, you are able to settle your own Medical Debt. To make it happen requires a different kind of mission and objectives. Take notice, you're about to get some serious debt consolidation Intel.robert smoley
There are Four Parties on the Battlefield of Medical Debt.
1. The first Party (in this case the 'Medical Provider')
2. The 2nd Party (the person who received the Medical Services or their Legal Guardian).
3. The 3rd Party Debt Collector (A Junk Debt Buyer).
4. The important Three Credit Reporting Bureaus (Equifax, Experian and Trans-Union).
Medical Bills appear on a Consumers Credit Report after three things occur.
1. Generally, 180 Days after to not get payment, the first Party "writes-off" the Medical bill.
2. After a write-off the Medical expense is sold or assigned to Third Party Debt Collector.
3. After getting the account for the Medical Debt, the Third Party Debt Collector efforts to collect.
One of the Third Parties most widely used tactics is always to alert the Big Three Credit agencies (Equifax, Experian and Trans-Union) of the debt.
Additional problems is that Medical Debts are simple to verify but challenging for the second Party or even a Debt Settlement Company to ensure.
Because of the very real threat of Medical Debt ones mission must be to settle the debt. Hospital bills are tougher to be in because they are "Service Debts".
In the eyes with the 1st Party Service Provider as well as the 3rd Party Collector Service Debts are gold. Even Debt Settlement firms are having trouble settling Medical Debts for clients. Why is this?
The answer is without knowing the exact "Dates of Service" rendered through the Medical Provider, it's difficult for the consumer to "Validate" your debt while making it easier for the first Party Supplier, the third Party Debt Collector and the Big 3 Credit agencies to "Verify" the account.
In my experience, ones first step to settling a site Debt is to get the Dates and services information on the account on paper. This way, the second Party Consumer will easily notice if the third Party Debt Collector has made an honest mistake or has intentionally placed false information on your credit reports, for your account.
If you are the second Party in a Medical Commercial collection agency situation, your Mission is locate the "Dates of Service" for the bill in question. Your Objective, is always to contact the first Party Creditor to secure Dates and services information.
How does one locate the Dates and services information? Answer, contact the first Party (Doctors office, Hospital etc) and ask them to locate the Dates of Service for the account. To get this done complete these steps;
1.Call the Company and ask for the A / r Department.
2. Secure the Accounts Receivable Manager.
3. Send A / r a Letter of Inquiry specifically requesting these:
A. The account number for the debt that the Medical Provider assigned the debt.
B. The quantity of debt charged off, on the assignment or when sold towards the Third Party.
C. Dates and services information.